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Consolidated Statement of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Cash flows from operating activities:      
Net income (loss) $ 58,127 $ 265,232 $ 223,515
Adjustments to reconcile net income to net cash provided by operating activities:      
Amortization of discount/premium and payment-in-kind interest (30,845) (50,966) (69,590)
Amortization of deferred financing costs 15,962 12,034 13,740
Equity-based compensation 17,444 18,252 17,633
Increase (decrease) in current expected credit loss allowance, net 59,428 (17,623) (34,773)
Foreign currency (gain) loss (40,922) 97,330 31,096
Depreciation and amortization on real estate owned 8,248 704 2,645
Loss from unconsolidated joint venture 0 0 161
Gain on extinguishment of debt (495) 0 0
Net realized loss on investment 86,604 (18,683) 21,317
Changes in operating assets and liabilities:      
Proceeds received from payment-in-kind interest 15,407 83,731 35,400
Other assets (13,367) (22,910) 1,628
Payment for interest rate cap (2,317) 0 0
Origination of subordinate loan, held for sale 0 0 (31,200)
Sale of subordinate loan, held for sale 0 0 31,200
Accounts payable, accrued expenses and other liabilities (769) 12,500 4,464
Payable to related party (175) (45) 175
Net cash provided by operating activities 273,862 267,705 199,383
Cash flows from investing activities:      
New funding of commercial mortgage loans (456,167) (3,027,742) (2,780,887)
Add-on funding of commercial mortgage loans (376,060) (483,795) (350,926)
Increase (decrease) in collateral related to derivative contracts, net (112,800) 117,200 49,740
Add-on funding of subordinate loans and other lending assets (96,879) (113,124) (177,269)
Capital expenditures on real estate assets (72,631) (33,035) (133)
Proceeds received from the repayment and sale of commercial mortgage loans 1,093,181 1,874,933 1,509,428
Proceeds received from the repayment of subordinate loans and other lending assets 75,271 279,336 303,831
Origination and exit fees received on commercial mortgage loans, and subordinate loans and other lending assets, net 13,936 46,874 42,750
Cash received from hotel title assumption 569 0 4,148
Proceeds received from the sale of real estate owned, held for sale 0 0 42,356
Net cash provided by (used in) investing activities 68,420 (1,339,353) (1,356,962)
Cash flows from financing activities:      
Payment of offering costs 0 0 (99)
Proceeds from secured debt arrangements 806,843 2,836,372 2,279,691
Repayments of secured debt arrangements (679,339) (1,453,921) (1,510,236)
Repayments of senior secured term loan principal (8,000) (8,000) (7,250)
Repayments and repurchases of convertible notes (229,506) (345,000) 0
Proceeds from issuance of senior secured term loan 0 0 297,000
Proceeds from issuance of senior secured notes 0 0 500,000
Proceeds related to financing on real estate owned 0 164,835 0
Repayment of debt related to real estate owned 0 0 (143,073)
Payment of deferred financing costs (12,212) (16,494) (23,958)
Payment of withholding tax on RSU delivery (6,855) (6,972) (4,278)
Dividends on common stock (202,019) (200,574) (199,646)
Dividends on preferred stock (12,272) (12,272) (12,964)
Net cash provided by (used in) financing activities (343,360) 957,974 1,175,187
Net increase (decrease) in cash and cash equivalents, including cash classified within assets related to real estate owned, held for sale (1,078) (113,674) 17,608
Decrease (increase) in cash classified within assets related to real estate owned, held for sale 5,100 (5,677) 0
Net increase (decrease) in cash and cash equivalents 4,022 (119,351) 17,608
Cash and cash equivalents beginning of period 222,030 343,106 325,498
Effects of foreign currency translation on cash and cash equivalents (614) (1,725) 0
Cash and cash equivalents end of period 225,438 222,030 343,106
Supplemental disclosure of cash flow information:      
Interest paid 443,626 246,370 137,671
Income tax paid 795 0 0
Supplemental disclosure of non-cash financing activities:      
Dividend declared, not yet paid 53,407 53,711 52,398
Change in participation sold (25,130) (1,934) 19,760
Repayments of payment-in-kind on participation sold 0 0 (27,670)
Change in loan proceeds held by servicer 2,900 (192) 3,179
Assumption of real estate 75,000 270,035 154,300
Assumption of other assets related to real estate owned 2,827 0 1,555
Assumption of accounts payable, accrued expenses and other liabilities related to real estate owned (3,396) 0 4,641
Assumption of debt related to real estate owned 0 0 (110,073)
Transfer of assets to assets related to real estate owned, held for sale 79,021 155,542 0
Transfer of assets related to real estate owned, held for sale to assets related to real estate owned held for investment, net 151,676 0 0
Transfer of assets related to real estate owned, held for sale to other assets 4,357 0 0
Transfer of liabilities to liabilities related to real estate owned, held for sale 1,438 7,156 0
Transfer of liabilities related to real estate owned, held for sale to accounts payable, accrued expenses and other liabilities 7,163 0 0
Transfer of subordinate loan to subordinate loan, held for sale 0 0 (45,289)
Retirement of Series B Preferred Stock 0 0 (169,260)
Issuance of Series B-1 Preferred Stock 0 0 169,260
Foreign Exchange Forward      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized gain (loss) on derivatives 91,434 (104,159) (46,714)
Interest rate cap and swaps      
Adjustments to reconcile net income to net cash provided by operating activities:      
Unrealized gain (loss) on derivatives $ 10,098 $ (7,692) $ (1,314)